Eight U.S. state regulators charge Nexo for failure to register interest account

Representations of cryptocurrencies are seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration

(Reuters) -Eight U.S. state regulators on Monday charged cryptocurrency lender Nexo Group for allegedly failing to register its Earn Interest Product, as authorities crackdown on digital asset platforms rocked by a crypto winter in recent months.

Regulators from New York, California, Kentucky, Maryland, Oklahoma, South Carolina, Washington and Vermont all filed administrative actions against the company, saying its accounts would qualify as securities and should be registered as such.